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MIDDLETOWN, NJ-Mack-Cali Realty Corp., based in Cranford, NJ, has provided a mezzanine loan facility for up to $16.3 million, secured by the equity interests in One River Center here. The financing will help cover re-tenanting costs at the three-building, 480,000-sf complex, which is currently just over 52% leased.

Mack-Cali has been hired by the asset’s owner, a limited partnership, as the property manager and leasing agent for the class A complex. The loan, which has a three-year term, carries an 11% interest rate with a pay rate of 250 basis points over LIBOR, and is convertible into a 62.5% ownership interest in the property.

“One River Center is perhaps one of the finest office complexes in Monmouth County,” says Mitchell E. Hersh, Mack-Cali’s CEO. “We look forward to bringing our management and leasing services to this property and to enhancing our presence in this submarket.”

One River Center consists of two, four-story buildings of 124,000 sf and one, three-story, 232,000-sf on just over 35 acres near the Garden State Parkway.

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